Subject: File No. S7-08-18
From: Richard Rohr

June 22, 2018

1. Overall, do you find the Relationship Summary useful? If not, how would you change it? If so, what topics and how can they be improved?:
I like the form and believe it would be useful to investors.

2. How useful is each section of the Relationship Summary? Please consider explaining your responses in the comments:
a. Type of Relationship and Service: Very Useful: Makes clear how a discretionary account differs from a brokerage account
b. Our Obligations to You: Very Useful:
c. Fees and Costs: Very Useful: I would add a statement that the fees paid by investors are a major factor in determining long-term investment returns.
d. Comparison to different account types: Very Useful:
e. Conflict of Interests: Very Useful:
f. Additional Information: Very Useful:
g. Key Questions to Ask: Very Useful:

3. Please answer the following questions. Please consider explaining your responses in the comments:
a. Do you find the format of the Relationship Summary easy to follow?: Yes:
b. Is the information in the appropriate order?: Yes:
c. Is the Relationship Summary easy to read?: Yes:
d. Should the Relationship Summary include additional information about different account types?: Yes: Consider adding some information to help investors understand which types of investment products belong in each category, e.g. separately managed accounts are advisory accounts
e. Would you seek out additional information about a firm's disciplinary history as suggested in the Relationship Summary?: Yes:

4. Are there topics in the Relationship Summary that are too technical or that could be improved?:

5. Is there additional information that we should require in the Relationship Summary,such as more specific information about the firm or additional information about fees? Is that because you do not receive the information now, or because you would also like to see it presented in this summary document, or both? Is there any information that should be made more prominent?:

6. Is the Relationship Summary an appropriate length? If not, should it be longer or shorter?:
About right

7. Do you find the 'Key Questions to Ask' useful? Would the questions improve the quality of your discussion with your financial professional? If not, why not?:
These are the key issues that an investor should know

8. Do you have any additional suggestions to improve the Relationship Summary? Is there anything else you would like to tell us?: